“By contrast, the 2017 HECM portfolio has a negative capital ratio of 19.84 percent and a negative economic net worth of $14.5 billion,” HUD said in its summary.
Upon Cordray’s announcement, Rep. Hensarling declared: “We are long overdue for new leadership at the CFPB, a rogue agency that has done more to hurt consumers than help them…”
Meanwhile, there’s already speculation that Capital One – known for its prowess in credit cards – might eventually re-enter the mortgage business in one way or another.
Also likely to pass: a bill that would exempt from property appraisal requirements a mortgage of $250,000 or less if it appears on the loan creditor’s balance sheet for at least three years…
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